Many students may have experience getting scholarships and grants hard to process. That is why student loan will be the option they have. After thoroughly thinking, the future earning they will gain might be worth the cost of the loan they apply for. Having a solid background of education is usually needed now by the companies. So, you might not want to risk your future. However, before you can decide to apply for a loan, you may want to know the different types. The student loan is also categorized according to what the student needs. Great Lakes Student Loan is a company that student can apply for. Pick among the types that you needed most so you can avoid paying more than what you need.
Different Types of Student Loan
- Federal Loan. This is offered by government and most recommended loan to have. This is because it has lower rates than any other type and almost all students are eligible to be granted. There are three types of Federal Loan.
- Stafford Loan. FAFSA form is the first requirement for this loan. The school will determine how much the student need.
- Subsidize Stafford Loan. Loan is given according to the need of the student. Interest will not be accrued until the student graduates and finds job in the span time of six months.
- Unsubsidized Stafford Loan. It is not a need-base loan. The interest will accrue from the time you receive the loan.
- Federal Perkins Loan. The loan is for the student with great financial need. The interest is about 5%.
- Private Loan. This loan is for student who still needs more assistance in the cost of their education. Wells Fargo student loan is among the best choice.
- Federal Parent Plus Loan. The loan is offered for the parents and the dependent, student, can use it for the entire school years.
These are the four types of loans which the student can choose according to the financial need. Pay for college tuition now is not a problem.